Child Tax Loans
Did you know the child tax benefit can be used as an income source to apply for a payday loan? Get an e-transfer payday loan with CCTB today here on WeLoans!
How Much Do You Need?
What is a Child Tax Loan?
A Child Tax Loan is a loan for individuals eligible for the Canada Child Benefit program. To apply for the loan, you need to show the amount you receive from Child Tax Benefits as a source of income and prove you are equipped to make regular principal and interest payments.
Types of Child Tax Loans
Child tax benefits can be used to apply for the following types of loans:
These are short-term loans that are paid back when your next salary comes. The loan amount may range between $100 and $1,500 with a maximum loan term of 62 days. Typically, these loans are repaid in a single installment, with borrowing fees ranging from $14 to $25 for every $100 in loan.
These loans offer a lump sum and are paid back in installments. Compared to payday loans that accept child tax credit, installment loans have longer repayment timelines with interest rates ranging from 18% to 47%. The loan amount ranges from $500 to $15,000, with repayment periods of up to 60 months.
Why Online Child Tax Loans
Canadians typically receive payments from the child tax benefit program for 12 months. Let's see why you should apply for a child tax loan:
No income proof
You don't have to provide any income proof as the payout from the child tax benefit is used to show repayment capabilities.
Streamlined application process
Unlike traditional lending partners such as banks, applying for a child tax loan is swift and often completed within a few minutes.
No credit checks
Most lenders don't look at credit history to evaluate loan eligibility, making it easier for those with a poor credit score to apply for a loan.
Once your application for a child tax loan is approved, you will receive funds within 1 or 2 business days.
You can easily get approved for a child tax loan as long as you have these payouts coming in each month.
As our lending partners are equipped with e-transfer facilities, you can receive your loan within a few hours, making the entire process quick and easy.
What Can Child Tax Loans Be Used for?
You can use online child tax loans to:
Cover unexpected expenses
Child tax loans can be used to cover emergency expenses, such as vehicle repairs or medical costs.
Raising a child may be expensive, especially as health or dental expenses can add up and cost you a few thousand dollars. Use child tax loans to get that dental check-up done.
School and education expenses
Early-school education is a major expense for Canadian parents. Whether it is preschool fees or costs related to pencils, crayons, and glue, education expenses can easily strain family budgets.
Families need to buy new appliances for their homes. Maintaining a home can be costly as it requires regular repairs in terms of plumbing and electric wiring, a portion of which can be covered by child tax loans.
How to Qualify for Payday Loans That Accept Child Tax Benefits?
Payday lenders that accept child tax credit need to ensure that the loan will be repaid. So, to check your repayment capabilities, the lender might require the following:
Your financial history
The lender will look at your financial records, including how much debt you have and whether or not you have ever filed for bankruptcy.
This includes your credit history, credit score, and credit reports. Applicants with a higher credit score will have a higher chance of loan approval.
Your employment details
You might have to provide details related to your employment in the last two years.
You also need to be a Canadian resident over the age of 18 with an active bank account and regular CCTB income.
How Can You Get Payday Loans on Child Tax Credit?
The application for payday loans on child tax credit is an easy process that can be completed online here on WeLoans. You need to:
Fill out an application form
Enter details, including your name, age, employment status, monthly income, and more.
The applicant information is then submitted to our lending partners, after which you will receive a few loan offers.
Sign the loan agreement
Compare loan offers from various lenders, select the most appropriate one, and sign on the dotted line.
Get your cash
Once the loan is approved, you can relax and wait for the amount to be e-transferred to your bank account in 1 hour.
Factors to Consider When Comparing Child Tax Loans
Here are a few tips to help you compare child tax loans:
Payday loans can be expensive, and you need to check for interest rates that are sustainable. Some lenders will also charge you late fees in case you miss a payment.
Availability of funds
You may need a child tax loan to cover emergency expenses. So, the speed and availability of funds are important. Look for a lender with a fast disbursement process.
Ensure the lender is legitimate. You need to read customer reviews to check for any red flags.
What Does CCTB (CCB) Mean?
CCTB, or the Canada Child Tax Benefit, also known as Canada Child Benefit (CCB), is a tax-free monthly payment made by the Government of Canada to help eligible families with the cost of raising children below the age of 18.
How Long Does an E-Transfer Loan on Child Tax Take?
Interac is an interbank network in Canada that facilitates safe and secure electronic transactions. Linked to your bank account, Interac processes e-transfers within 30 minutes in most cases.
Are There Installment Loans That Accept Child Tax Benefits?
Yes, there are installment loans that accept child tax benefits as an income source. The loan amounts are between $500 and $15,000, while interest rates may vary between 18% and 46.96% for a period between 6 and 60 months.
What Kinds of Fees Will You Be Charged for a Baby Bonus Payday Loan?
You can get a short-term loan based on the CCB amount you receive, which is called a baby bonus payday loan. To calculate loan costs, you first need to look at borrowing amounts, repayment periods, and interest rates. The annual percentage rates for these loans can even be as high as 600%.
Use Child Tax Benefits to Get an
E-transfer Payday Loan Now!
Don't let financial constraints hold you back from giving your children all that they need. Take out a child tax loan here on WeLoans now to cover education and extracurricular activities, child care, and unexpected expenses!APPLY NOW